Magnet Wire Market worth $41.8 billion by 2026

 Copper magnet wire comprise a major share of the magnet wire market in terms of value and volume.

 

Magnet wires manufactured using copper possess various characteristics such as excellent moisture resistance, chemical resistance, high conductivity, and better windability. Copper magnet wire is widely used in traction motors, solenoids, generators, transformers, and high-voltage transformers, among others, in electrical & electronics, automotive, infrastructure, marine, and other industries.

 

The copper metal exhibits less thermal expansion coefficient and considerably lower electrical resistance. For the very same reason, the equipment manufacturers prefer the usage of copper magnet wires in their applications for higher efficiency of generation and usage of electricity.

 

Round magnet wires accounted for the largest market share in the global magnet wire market during the forecast period in terms of value and volume.

 

Round magnet wires are widely used for their extensive mechanical strength and their compact size windability, resistance to abrasion (as it has no edges), along with superior flexibility. They find their application in electrical motors, generators, utility distribution transformers, and electrical coils in electronic gadgets.

 

Round magnet wires have very less tendency to get twisted and stranded compared to the rectangle and square magnet wires. This is one of the major reasons for their use as the twisted wires can lead to mechanical failures in various applications. Another reason for the increased use of round-shaped magnet wire is their compaction

 

But, because of the lockdown situation occurred due to COVID-19, many floor workers were unable to work in manufacturing facilities, which was resulted in the reduction in output of magnet wires, such as. Thus, the demand for round magnet wires was declined in 2020.

 

Motor application dominates the global magnet wire market in terms of value and volume

 

The motors segment leads the consumption market of magnet wires. Motors find their applications in various end-use industries such as transportation, industrial, and electronics. The consumption of magnet wire is expected to be driven by the growth in demand for electric vehicles, urbanization, and infrastructural and industrial developments around the globe

 

Electric motor possesses the ability to convert electrical current into mechanical power. The motor uses magnet wires as winding coils due to their various properties such as insulation resistance, superior dielectric strength, and thermal resistance. These properties make them suitable for manufacturing motors for various applications in the automotive industry such as door motor, ventilation motor, sun-roof motor, wiper motor, solenoids, seat adjustment motor, and other automotive parts. Motors are also used in various industrial purposes where rotational motion is needed.